Cash

Cash prices fell 13 cents on average Thursday, but if the big-dollar losses sustained on Algonquin, Iroquois, as well as portions of Tennessee and Transco are factored out, the market fell only a penny.

Cash natural gas prices on average overall rose 29 cents Wednesday as cold, wintry weather was forecast to march through the Great Lakes and keep temperatures seasonally cold. However, without the distorting affects of multi-dollar price surges at Northeast locations, the market scored a more modest 8 cent gain. Great Lakes points firmed as cold and winter storm warnings were anticipated Wednesday. At the close March futures had risen 1.9 cents to $3.418 and April had gained 1.4 cents to $3.464. March crude oil slipped 2 cents to $96.62/bbl.

The overall cash market averaged close to 8 cents higher Friday, but if the widely fluctuating gains and losses of eastern points are subtracted, the market fell close to a nickel for weekend and Monday deliveries.

Cash gas prices on average jumped 63 cents Thursday as forecasts of chilling cold rattled through the markets and lifted New England and Eastern points to multi-dollar gains. Without the stout gains on the Eastern Seaboard, the overall market gain shrinks to just 3 cents.

Cash prices overall fell an average 15 cents Friday, but if the weather and constraint driven mega-downmoves by eastern and northeast points are included, the average overall decline would have been $1.83. Weather forecasts called for a warming trend by Monday and constraints on a major pipeline were lifted.

Cash price moves in the Northeast and East Thursday once again separated from the rest of the market, with the overall average market gain a stout 33 cents, but the remainder of market points showed a rise of just over a nickel. Many eastern points posted multi-dollar gains, recording yet more price records (see Daily GPI, Jan. 24), but higher prices were posted at nearly all locations, with just a handful of points losing a few pennies or less.

Cash prices on average gained 33 cents overall Friday, but if the volatile East and Northeast are factored out, the average rose 16 cents. Gains were widespread, and Midwest points showed weather-driven strength. At the close February had risen 7.2 cents to $3.566 and March was higher by 7.0 cents to $3.565. February crude oil added 7 cents to $95.56/bbl.

Cash natural gas prices on average gained more than 15 cents Thursday, but if volatile and constrained points such as New York and New England are factored out, the overall gain was just over a couple of pennies.

Hess Corp. said Wednesday it plans to spend $6.8 billion on capital expenditures (capex) in 2013, with the largest share — $2.7 billion, or 40% of the exploration and production (E&P) budget of $6.7 billion — devoted to unconventional resources.